Form N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q


QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number         811-05570         

        Nuveen Premium Income Municipal Fund, Inc.         
(Exact name of registrant as specified in charter)

Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)


Kevin J. McCarthy Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)

Registrant's telephone number, including area code:         312-917-7700        

Date of fiscal year end:            10/31          

Date of reporting period:         7/31/08         

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments

    Portfolio of Investments (Unaudited)             
    Nuveen Premium Income Municipal Fund, Inc. (NPI)             
    July 31, 2008             
Principal        Optional Call         
Amount (000)    Description (1)    Provisions (2)    Ratings (3)    Value 
    Alabama – 4.7% (2.9% of Total Investments)             
$          4,050    Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds, Series 2000, 6.125%, 12/01/16    6/10 at 102.00    A–   $  4,115,367 
    Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health,             
    Series 2006C:             
1,435     5.000%, 11/15/36 (UB)    11/16 at 100.00    AA    1,381,030 
4,000     5.000%, 11/15/39 (UB)    11/16 at 100.00    AA    3,828,776 
6,000    Alabama Special Care Facilities Financing Authority, Revenue Bonds. Ascension Health, Series 2006D,    11/16 at 100.00    AA    5,740,664 
     5.000%, 11/15/39 (UB)             
    Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health             
    System Inc., Series 2005A:             
6,000     5.250%, 11/15/20    11/15 at 100.00    Baa1    5,707,200 
1,300     5.000%, 11/15/30    11/15 at 100.00    Baa1    1,121,211 
12,000    Birmingham Waterworks And Sewer Board, Alabama, Water and Sewer Revenue Bonds,    1/17 at 100.00    AA    10,698,960 
     4.500%, 1/01/43 – AMBAC Insured (UB)             
2,890    Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds, International    6/15 at 100.00    BBB    2,443,495 
     Paper Company, Series 2005A, 5.000%, 6/01/25             
5,020    DCH Health Care Authority, Alabama, Healthcare Facilities Revenue Bonds, Series 2002,    6/12 at 101.00    A+    5,070,802 
     5.250%, 6/01/18             
1,000    Montgomery BMC Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist    11/14 at 100.00    A3 (4)    1,101,230 
     Medical Center, Series 2004C, 5.250%, 11/15/29 (Pre-refunded 11/15/14)             
43,695    Total Alabama            41,208,735 
    Alaska – 2.0% (1.2% of Total Investments)             
    Anchorage, Alaska, General Obligation Refunding Bonds, Series 2003A:             
2,000     5.250%, 9/01/17 (Pre-refunded 9/01/13) – FGIC Insured (5)    9/13 at 100.00    AA (4)    2,198,560 
2,035     5.250%, 9/01/18 (Pre-refunded 9/01/13) – FGIC Insured    9/13 at 100.00    AA (4)    2,237,035 
5,000    Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,    6/10 at 100.00    AAA    5,344,350 
     Series 2000, 6.500%, 6/01/31 (Pre-refunded 6/01/10)             
10,500    Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,    6/14 at 100.00    Baa3    7,952,910 
     Series 2006A, 5.000%, 6/01/32             
19,535    Total Alaska            17,732,855 
    Arizona – 1.3% (0.8% of Total Investments)             
    Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health             
    Network, Series 2005B:             
500     5.250%, 12/01/24    12/15 at 100.00    BBB    473,705 
660     5.250%, 12/01/25    12/15 at 100.00    BBB    619,219 
2,910    Pima County Industrial Development Authority, Arizona, Lease Obligation Revenue Refunding    1/09 at 100.00    Aaa    2,927,955 
     Bonds, Tucson Electric Power Company, Series 1988A, 7.250%, 7/15/10 – FSA Insured             
4,100    Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007,    No Opt. Call    AA–    3,424,033 
     5.000%, 12/01/37             
4,130    University of Arizona, Certificates of Participation, Series 2002B, 5.125%, 6/01/18 –    6/12 at 100.00    AA    4,283,719 
     AMBAC Insured             
12,300    Total Arizona            11,728,631 
    Arkansas – 0.9% (0.5% of Total Investments)             
480    Paragould, Arkansas, Water, Sewer and Electric Revenue Bonds, Series 2000, 5.650%, 12/01/25    12/10 at 100.00    AA (4)    515,832 
     (Pre-refunded 12/01/10) – AMBAC Insured             
5,245    University of Arkansas, Fayetteville, Athletic Facilities Revenue Bonds, Razorback Stadium,    9/09 at 100.00    Aa3    5,361,754 
     Series 1999, 5.050%, 9/15/20 – AMBAC Insured             
2,000    Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center,    2/15 at 100.00    Baa1    1,865,740 
     Series 2005B, 5.000%, 2/01/25             
7,725    Total Arkansas            7,743,326 
    California – 20.7% (12.7% of Total Investments)             
9,200    Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series    No Opt. Call    AA    4,816,752 
     2004A, 0.000%, 10/01/20 – AMBAC Insured             
10,000    Anaheim Public Finance Authority, California, Public Improvement Project Lease Bonds, Series    9/17 at 100.00    A    8,658,800 
     2007A-1, 4.375%, 3/01/37 – FGIC Insured             
4,000    California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 6.000%,    5/12 at 101.00    Aaa    4,492,760 
     5/01/15 (Pre-refunded 5/01/12)             
5,400    California Educational Facilities Authority, Revenue Bonds, University of Southern California,    10/15 at 100.00    Aa1    5,394,114 
     Series 2008, 4.750%, 10/01/28 (UB)             
1,500    California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series    11/15 at 100.00    A2    1,468,335 
     2006, 5.000%, 11/01/30             
    California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist             
    Health System/West, Series 2003A:             
3,700     5.000%, 3/01/28    3/13 at 100.00    A    3,548,189 
7,000     5.000%, 3/01/33    3/13 at 100.00    A    6,531,000 
5,425    California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West,    No Opt. Call    A    5,587,316 
     Series 2004I, 4.950%, 7/01/26 (Mandatory put 7/01/14)             
8,560    California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center,    11/15 at 100.00    A2    8,332,047 
     Series 2005, 5.000%, 11/15/27             
8,570    California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System,    4/16 at 100.00    A+    7,873,945 
     Series 2006, 5.000%, 4/01/37             
3,015    California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A,    11/16 at 100.00    AA–    2,836,361 
     5.000%, 11/15/42 (UB)             
11,395    California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series    No Opt. Call    A    12,227,177 
     1993E, 5.500%, 6/01/15             
    California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity             
    Health System, Series 2005A:             
1,640     5.250%, 7/01/30    7/15 at 100.00    BBB+    1,519,247 
2,730     5.000%, 7/01/39    7/15 at 100.00    BBB+    2,358,256 
5,000    California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System,    7/18 at 100.00    AA–    5,133,150 
     Series 2007A, 5.750%, 7/01/47 – FGIC Insured             
5,000    California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender    5/18 at 100.00    AA–    4,216,700 
     Option Bond Trust 2708, 13.370%, 11/15/48 (IF)             
4,000    California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14    No Opt. Call    AA+    4,413,760 
    California, General Obligation Bonds, Series 2004:             
2,000     5.125%, 2/01/25    2/14 at 100.00    A+    2,022,420 
10,000     5.125%, 2/01/26    2/14 at 100.00    A+    10,092,900 
3,575    Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas and Electric    6/14 at 102.00    A2    3,555,016 
     Company, Series 1996A, 5.300%, 7/01/21             
4,890    Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series    No Opt. Call    AA    1,808,518 
     2006B, 0.000%, 8/01/26 – MBIA Insured             
    Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement             
    Asset-Backed Bonds, Series 2007A-1:             
7,000     5.000%, 6/01/33    6/17 at 100.00    BBB    5,484,570 
2,000     5.750%, 6/01/47    6/17 at 100.00    BBB    1,642,600 
5,000    Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%,    No Opt. Call    AAA    2,154,650 
     11/01/24 – FSA Insured             
5,470    Los Angeles Harbors Department, California, Revenue Bonds, Series 2006A, 5.000%, 8/01/22 –    8/16 at 102.00    AA    5,236,267 
     FGIC Insured (Alternative Minimum Tax)             
930    Martinez, California, Home Mortgage Revenue Bonds, Series 1983A, 10.750%, 2/01/16 (ETM)    No Opt. Call    AAA    1,191,990 
18,480    Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage Revenue    No Opt. Call    AAA    23,399,930 
     Bonds, Series 1990A, 7.600%, 5/01/23 (ETM)             
5,000    Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical    7/14 at 100.00    A3 (4)    5,619,550 
     Center, Series 2004, 5.875%, 7/01/26 (Pre-refunded 7/01/14)             
2,000    Redwood City School District, San Mateo County, California, General Obligation Bonds, Series    7/12 at 100.00    A+    1,971,060 
     2002, 5.000%, 7/15/27 – FGIC Insured             
3,700    Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R,    8/13 at 100.00    AA    3,727,750 
     5.000%, 8/15/22 – MBIA Insured             
    San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006:             
400     5.000%, 9/01/21    9/15 at 102.00    Baa3    378,464 
445     5.000%, 9/01/23    9/15 at 102.00    Baa3    412,252 
3,500    San Diego Unified Port District, California, Revenue Bonds, Series 2004B, 5.000%, 9/01/29 –    9/14 at 100.00    AA    3,450,510 
     MBIA Insured             
    San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue             
    Refunding Bonds, Series 1997A:             
10,450     0.000%, 1/15/31 – MBIA Insured    No Opt. Call    AA    2,629,534 
7,150     0.000%, 1/15/32 – MBIA Insured    No Opt. Call    AA    1,688,044 
50,400     0.000%, 1/15/34 – MBIA Insured    No Opt. Call    AA    10,443,384 
24,025     0.000%, 1/15/36 – MBIA Insured    No Opt. Call    AA    4,399,218 
262,550    Total California            180,716,536 
    Colorado – 4.9% (3.0% of Total Investments)             
2,500    Centennial Water and Sanitation District, Colorado, Water and Sewerage Revenue Bonds, Series    12/14 at 100.00    AA–    2,572,925 
     2004, 5.000%, 12/01/21 – FGIC Insured             
690    Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Bromley    9/15 at 100.00    A    693,229 
     School, Series 2005, 5.125%, 9/15/20 – XLCA Insured             
2,125    Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan    6/16 at 100.00    A–    1,937,065 
     Society, Series 2005, 5.000%, 6/01/29             
1,000    Colorado Health Facilities Authority, Revenue Bonds, Parkview Medical Center, Series 2004,    9/14 at 100.00    A3    952,470 
     5.000%, 9/01/25             
800    Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F,    3/15 at 100.00    BBB+    744,456 
     5.000%, 3/01/25             
130    Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1997B-2,    11/08 at 105.00    Aaa    132,573 
     7.000%, 5/01/26 (Alternative Minimum Tax)             
110    Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1997C-2,    11/08 at 105.00    Aaa    111,854 
     6.875%, 11/01/28 (Alternative Minimum Tax)             
490    Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 2000B-2,    4/10 at 105.00    AA    524,334 
     7.250%, 10/01/31 (Alternative Minimum Tax)             
8,385    Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13    No Opt. Call    A+    9,081,877 
     (Alternative Minimum Tax)             
19,810    Denver, Colorado, Excise Tax Revenue Bonds, Convention Center, Series 2001A, 5.500%, 9/01/18    3/11 at 100.00    AAA    21,230,179 
     (Pre-refunded 3/01/11) – FSA Insured             
20,500    E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 –    No Opt. Call    AA    4,689,170 
     MBIA Insured             
28    El Paso County, Colorado, FNMA Mortgage-Backed Single Family Revenue Refunding Bonds, Series    No Opt. Call    Aaa    29,849 
     1992A-2, 8.750%, 6/01/11             
56,568    Total Colorado            42,699,981 
    Connecticut – 0.5% (0.3% of Total Investments)             
1,930    Connecticut, General Obligation Bonds, Series 2001C, 5.500%, 12/15/16    No Opt. Call    AA    2,188,929 
2,310    Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System    11/15 at 100.00    AA    2,303,671 
     Revenue Bonds, Series 2005A, 5.000%, 11/15/30 – MBIA Insured             
4,240    Total Connecticut            4,492,600 
    District of Columbia – 3.8% (2.3% of Total Investments)             
4,460    District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage    12/08 at 100.00    AAA    4,524,625 
     Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (Alternative Minimum Tax)             
9,505    District of Columbia, General Obligation Bonds, Series 1998B, 6.000%, 6/01/20 – MBIA Insured    No Opt. Call    AA    10,816,405 
    District of Columbia, Revenue Bonds, Georgetown University, Series 2001A:             
14,105     0.000%, 4/01/24 (Pre-refunded 4/01/11) – MBIA Insured    4/11 at 47.66    AA (4)    6,195,762 
7,625     0.000%, 4/01/25 (Pre-refunded 4/01/11) – MBIA Insured    4/11 at 44.82    AA (4)    3,150,269 
16,665     0.000%, 4/01/32 (Pre-refunded 4/01/11) – MBIA Insured    4/11 at 29.23    AA (4)    4,490,551 
2,130    Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax    10/16 at 100.00    AA    1,537,306 
     Revenue Bonds, Series 2007, Residuals 1606, 8.249%, 10/01/30 – AMBAC Insured (IF)             
3,335    Washington DC Convention Center Authority, Dedicated Tax Revenue Bonds, Residual Series    10/16 at 100.00    AA    2,407,003 
     1730, 1731, 1736, 5.609%, 10/01/30 – AMBAC Insured (IF)             
57,825    Total District of Columbia            33,121,921 
    Florida – 5.9% (3.6% of Total Investments)             
4,225    Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project,    4/16 at 100.00    A2    4,064,830 
     Series 2005, 5.000%, 4/01/24             
8,000    Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport,    10/13 at 100.00    AA    8,104,400 
     Series 2003A, 5.375%, 10/01/16 – MBIA Insured (Alternative Minimum Tax)             
5,400    Hillsborough County Industrial Development Authority, Florida, Exempt Facilities Remarketed    4/10 at 101.00    N/R    5,126,004 
     Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%,             
     4/01/30 (Alternative Minimum Tax)             
19,750    Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2006,    7/16 at 100.00    AA    17,881,650 
     4.500%, 7/01/33 – AMBAC Insured             
5,000    Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health    11/10 at 101.00    A1 (4)    5,484,550 
     System/Sunbelt Obligated Group, Series 2000, 6.500%, 11/15/30 (Pre-refunded 11/15/10)             
6,910    South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System    8/17 at 100.00    AA–    6,491,807 
     Obligation Group, Series 2007, 5.000%, 8/15/42 (UB)             
1,785    Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – MBIA Insured    10/15 at 100.00    AA    1,800,922 
2,375    Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%,    8/15 at 100.00    Aaa    2,405,780 
     8/01/22 – FSA Insured             
53,445    Total Florida            51,359,943 
    Georgia – 1.7% (1.0% of Total Investments)             
2,625    Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science    5/14 at 100.00    AA    2,716,849 
     Building, Series 2004, 5.250%, 5/01/24 – MBIA Insured             
6,025    Fulton-DeKalb Hospital Authority, Georgia, Revenue Refunding Certificates, Series 2003,    1/14 at 100.00    AAA    6,310,585 
     5.250%, 1/01/20 – FSA Insured             
4,845    Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds,    No Opt. Call    AA    5,565,161 
     Series 1992P, 6.250%, 7/01/20 – AMBAC Insured             
13,495    Total Georgia            14,592,595 
    Hawaii – 1.2% (0.7% of Total Investments)             
10,000    Hawaii, General Obligation Bonds, Series 2003DA, 5.250%, 9/01/21 – MBIA Insured    9/13 at 100.00    AA    10,454,400 
    Idaho – 0.8% (0.5% of Total Investments)             
5,000    Boise City, Idaho, Airport Revenue Certificates of Participation, Series 2000, 5.500%, 9/01/25 –    9/10 at 100.00    A1    4,875,500 
     FGIC Insured (Alternative Minimum Tax)             
2,185    Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial    9/16 at 100.00    BBB–    1,889,938 
     Hospital, Series 2006, 5.250%, 9/01/30             
7,185    Total Idaho            6,765,438 
    Illinois – 12.2% (7.5% of Total Investments)             
    Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax             
    Revenues, Series 1998B-1:             
8,890     0.000%, 12/01/16 – FGIC Insured    No Opt. Call    AA–    6,158,014 
10,000     0.000%, 12/01/20 – FGIC Insured    No Opt. Call    AA–    5,412,400 
10,130     0.000%, 12/01/24 – FGIC Insured    No Opt. Call    AA–    4,290,156 
    Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax             
    Revenues, Series 1999A:             
15,000     0.000%, 12/01/21 – FGIC Insured    No Opt. Call    AA–    7,624,500 
10,000     0.000%, 12/01/23 – FGIC Insured    No Opt. Call    AA–    4,490,600 
26,350    Chicago Greater Metropolitan Area Sanitary District, Illinois, General Obligation Bonds,    12/16 at 100.00    AAA    29,120,176 
     Series 2006, 5.000%, 12/01/35 (UB)             
110    Chicago, Illinois, FNMA/GNMA Collateralized Single Family Mortgage Revenue Bonds, Series    9/08 at 104.00    Aaa    113,889 
     1997B, 6.950%, 9/01/28 (Alternative Minimum Tax)             
8,740    Illinois Development Finance Authority, Pollution Control Revenue Refunding Bonds, Illinois    8/08 at 100.00    AA    8,739,825 
     Power Company, Series 1994A, 5.700%, 2/01/24 – MBIA Insured             
    Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004:             
1,050     5.250%, 11/15/22    5/14 at 100.00    A    1,021,125 
3,000     5.250%, 11/15/23    5/14 at 100.00    A    2,901,780 
985    Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25    1/16 at 100.00    BBB–    876,837 
1,225    Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002,    5/12 at 100.00    Baa3    1,110,475 
     5.500%, 5/15/32             
9,820    Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997,    8/08 at 100.50    AA    9,979,084 
     5.250%, 8/01/27 – AMBAC Insured             
1,000    Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel    1/16 at 100.00    AA–    971,170 
     Revenue Bonds, Series 2005B, 5.250%, 1/01/30             
10,040    Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion    No Opt. Call    A1    7,544,859 
     Project, Series 1992A, 0.000%, 6/15/15 – FGIC Insured             
9,200    Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion    12/09 at 101.00    AAA    9,556,960 
     Project, Series 1999A, 5.500%, 12/15/24 – FGIC Insured             
3,000    Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place    No Opt. Call    AAA    3,777,420 
     Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM)             
3,000    Upper Illinois River Valley Development Authority, Healthcare Facilities Revenue Bonds, Morris    12/11 at 101.00    BBB+    3,108,750 
     Hospital, Series 2001, 6.625%, 12/01/31             
131,540    Total Illinois            106,798,020 
    Indiana – 1.2% (0.8% of Total Investments)             
2,005    Hamilton County Public Building Corporation, Indiana, First Mortgage Bonds, Series 2004,    8/14 at 100.00    AAA    2,065,711 
     5.000%, 8/01/22 – FSA Insured             
7,965    Wawasee Community School Corporation, Indiana, First Mortgage Bonds, New Elementary and    1/12 at 101.00    AA+ (4)    8,789,935 
     Remodeling Building Corporation, Series 2000, 5.750%, 1/15/20 (Pre-refunded 1/15/12)             
9,970    Total Indiana            10,855,646 
    Iowa – 1.6% (1.0% of Total Investments)             
2,000    Iowa Finance Authority, Healthcare Revenue Bonds, Genesis Medical Center, Series 2000,    7/10 at 100.00    A1    2,037,360 
     6.250%, 7/01/25             
3,570    Iowa Finance Authority, Industrial Remarketed Revenue Refunding Bonds, Urbandale Hotel    No Opt. Call    AAA    4,304,492 
     Corporation, Series 1989A, 8.500%, 8/01/16 (Alternative Minimum Tax) (ETM)             
10,000    Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C,    6/15 at 100.00    BBB    7,781,600 
     5.500%, 6/01/42             
15,570    Total Iowa            14,123,452 
    Kansas – 0.7% (0.4% of Total Investments)             
6,000    Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%,    3/14 at 100.00    AAA    6,222,870 
     3/01/21 (UB)             
    Kentucky – 0.9% (0.5% of Total Investments)             
3,770    Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project,    7/15 at 100.00    AA+    3,840,424 
     Series 2005B, 5.000%, 7/01/24 – AMBAC Insured             
    Marshall County School District Finance Corporation, Kentucky, School Building Revenue Bonds,             
    Series 2004:             
1,210     5.000%, 6/01/19 – AMBAC Insured    6/14 at 100.00    Aa3    1,262,417 
1,270     5.000%, 6/01/20 – AMBAC Insured    6/14 at 100.00    Aa3    1,315,695 
1,335     5.000%, 6/01/21 – AMBAC Insured    6/14 at 100.00    Aa3    1,376,772 
7,585    Total Kentucky            7,795,308 
    Louisiana – 3.8% (2.3% of Total Investments)             
2,915    Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Refunding    12/12 at 100.00    AA (4)    3,175,193 
     Bonds, Series 2002, 5.250%, 12/01/19 (Pre-refunded 12/01/12) – AMBAC Insured             
170    Louisiana Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2000A, 7.450%,    9/09 at 101.00    Aaa    176,426 
     12/01/31 (Alternative Minimum Tax)             
    Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds, Comm-Care Corporation             
    Project, Series 1994:             
555     11.000%, 2/01/14 (ETM)    No Opt. Call    N/R (4)    679,681 
4,950     11.000%, 2/01/14 (ETM)    No Opt. Call    N/R (4)    6,061,226 
2,000    Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our    8/15 at 100.00    A+    1,935,080 
     Lady Health System, Series 2005A, 5.250%, 8/15/31             
5,800    Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project,    5/17 at 100.00    A3    5,444,924 
     Series 2007A, 5.500%, 5/15/47             
    Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:             
1,200     5.000%, 5/01/25 – FGIC Insured    5/15 at 100.00    AA–    1,202,628 
2,210     5.000%, 5/01/26 – FGIC Insured    5/15 at 100.00    AA–    2,212,343 
2,500     5.000%, 5/01/27 – FGIC Insured    5/15 at 100.00    AA–    2,490,775 
    Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006:             
930     4.750%, 5/01/39 – FSA Insured (UB)    5/16 at 100.00    AAA    876,944 
10,105     4.500%, 5/01/41 – FGIC Insured (UB)    5/16 at 100.00    AA–    8,968,490 
33,335    Total Louisiana            33,223,710 
    Maryland – 1.0% (0.6% of Total Investments)             
2,200    Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%,    9/16 at 100.00    BBB–    2,013,880 
     9/01/27 – XLCA Insured             
3,560    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland    7/16 at 100.00    AA    3,242,484 
     Health, Series 2006A, 4.750%, 7/01/36 – MBIA Insured (UB)             
3,600    Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development    7/10 at 100.00    Aaa    3,621,348 
     Bonds, Series 2000B, 6.200%, 7/01/30 (Alternative Minimum Tax)             
9,360    Total Maryland            8,877,712 
    Massachusetts – 4.0% (2.5% of Total Investments)             
840    Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2000A, 5.250%, 7/01/30    7/10 at 100.00    AAA    851,382 
    Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2000A:             
7,900     5.250%, 7/01/30 (Pre-refunded 7/01/10)    7/10 at 100.00    Aa1 (4)    8,345,797 
1,260     5.250%, 7/01/30 (Pre-refunded 7/01/10)    7/10 at 100.00    Aa1 (4)    1,331,102 
8,505    Massachusetts Housing Finance Agency, Rental Housing Mortgage Revenue Bonds, Series 2001A,    1/11 at 100.00    AA    8,301,901 
     5.850%, 7/01/35 – AMBAC Insured (Alternative Minimum Tax)             
2,825    Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden    12/08 at 102.00    BBB    2,796,383 
     Haverhill Project, Series 1998A, 5.450%, 12/01/12 (Alternative Minimum Tax)             
3,250    Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond    8/16 at 100.00    AAA    2,261,155 
     Trust 2847, 9.673%, 8/01/36 (IF)             
5,960    Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25 –    8/17 at 100.00    AA    6,207,221 
     MBIA Insured             
1,380    Massachusetts Water Resources Authority, General Revenue Bonds, Tender Option Bond Trust 2848,    2/17 at 100.00    AAA    807,852 
     9.722%, 8/01/46 – FSA Insured (IF)             
3,820    Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/24    1/14 at 100.00    A (4)    4,118,800 
     (Pre-refunded 1/01/14) – FGIC Insured             
35,740    Total Massachusetts            35,021,593 
    Michigan – 4.0% (2.5% of Total Investments)             
    Detroit, Michigan, General Obligation Bonds, Series 2003A:             
3,565     5.250%, 4/01/22 – XLCA Insured    4/13 at 100.00    BBB    3,459,868 
1,275     5.250%, 4/01/23 – XLCA Insured    4/13 at 100.00    BBB    1,228,195 
3,000    Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A,    7/15 at 100.00    BBB    2,774,580 
     6.000%, 7/01/35             
6,600    Michigan Housing Development Authority, Limited Obligation Multifamily Mortgage Revenue    1/09 at 101.00    AAA    6,686,460 
     Refunding Bonds, Forest Hills Regency Square Project, Series 1999A, 5.750%, 7/01/29             
10,000    Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II,    10/13 at 100.00    AA    10,224,400 
     5.000%, 10/15/23 – MBIA Insured             
4,000    Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series    12/16 at 100.00    Aa2    3,913,480 
     2006A, 5.000%, 12/01/31 (UB)             
850    Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation    6/16 at 100.00    Baa3    650,310 
     Revenue Bonds, Series 2006, 5.500%, 6/01/35             
6,390    Wayne County, Michigan, Airport Revenue Bonds, Detroit Metropolitan Airport, Series 2002D,    12/12 at 100.00    A2    6,259,836 
     5.500%, 12/01/19 – FGIC Insured (Alternative Minimum Tax)             
35,680    Total Michigan            35,197,129 
    Minnesota – 5.0% (3.0% of Total Investments)             
13,650    Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc., Series 2004, 4.950%, 7/01/22    7/14 at 100.00    A–    13,069,193 
2,000    Duluth Economic Development Authority, Minnesota, Healthcare Facilities Revenue Bonds, Benedictine    2/14 at 100.00    A– (4)    2,202,960 
     Health System – St. Mary’s Duluth Clinic, Series 2004, 5.375%, 2/15/22 (Pre-refunded 2/15/14)             
    Eden Prairie, Minnesota, GNMA Collateralized Multifamily Housing Revenue Bonds, Rolling Hills             
    Project, Series 2001A:             
1,000     6.150%, 8/20/31    8/11 at 105.00    Aaa    1,064,780 
2,000     6.200%, 2/20/43    8/11 at 105.00    Aaa    2,119,280 
90    Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds,    11/08 at 101.00    AAA    91,941 
     Fairview Hospital and Healthcare Services, Series 1997A, 5.750%, 11/15/26 – MBIA Insured             
1,335    Minnesota Higher Education Facilities Authority, Revenue Bonds, University of St. Thomas,    4/16 at 100.00    A2    1,334,907 
     Series 2006-6I, 5.000%, 4/01/23             
1,500    Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/24    10/14 at 100.00    A3    1,516,410 
1,545    St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc.,    11/15 at 100.00    Baa3    1,542,358 
     Series 2005, 6.000%, 11/15/25             
17,370    St. Paul Housing and Redevelopment Authority, Minnesota, Sales Tax Revenue Refunding Bonds,    11/15 at 103.00    AAA    20,472,803 
     Civic Center Project, Series 1996, 7.100%, 11/01/23 – FSA Insured             
40,490    Total Minnesota            43,414,632 
    Mississippi – 0.8% (0.5% of Total Investments)             
6,875    Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial    9/14 at 100.00    AA    6,762,869 
     Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB)             
    Missouri – 1.7% (1.1% of Total Investments)             
2,000    Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior    2/14 at 100.00    N/R    1,940,180 
     Services – Heisinger Project, Series 2004, 5.250%, 2/01/24             
500    Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal    3/16 at 100.00    BBB+    475,355 
     Regional Hospital, Series 2006, 5.000%, 3/01/22             
    Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing             
    Project, Series 2005A:             
1,565     6.000%, 6/01/20    No Opt. Call    BBB+    1,615,064 
1,260     5.000%, 6/01/35    6/15 at 100.00    BBB+    1,055,502 
1,500    Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System,    6/11 at 101.00    AA    1,548,165 
     Series 2001A, 5.250%, 6/01/21 – AMBAC Insured             
    Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System,             
    Series 2001A:             
1,500     5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured    6/11 at 101.00    AA (4)    1,615,590 
4,150     5.250%, 6/01/28 (Pre-refunded 6/01/11) – AMBAC Insured    6/11 at 101.00    AA (4)    4,455,648 
165    Missouri Housing Development Commission, GNMA/FNMA Single Family Mortgage Revenue Bonds,    9/08 at 104.00    AAA    168,137 
     Homeownership Loan Program, Series 1996C, 7.450%, 9/01/27 (Alternative Minimum Tax)             
2,220    Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership    3/09 at 103.00    AAA    2,248,349 
     Loan Program, Series 1999B-1, 6.700%, 9/01/30 (Alternative Minimum Tax)             
14,860    Total Missouri            15,121,990 
    Nebraska – 0.2% (0.1% of Total Investments)             
1,815    Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City    2/17 at 100.00    AAA    1,718,261 
     2, Series 2006A, Residuals 1508-2, 12.189%, 2/01/49 – AMBAC Insured (IF)             
    Nevada – 4.2% (2.6% of Total Investments)             
10,410    Clark County School District, Nevada, General Obligation Bonds, Series 2002C, 5.500%, 6/15/18    6/12 at 100.00    AA (4)    11,397,805 
     (Pre-refunded 6/15/12) – MBIA Insured             
15,000    Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan,    6/11 at 100.00    AA+ (4)    16,017,000 
     Series 2001, 5.250%, 6/01/26 (Pre-refunded 6/01/11) – FGIC Insured             
    Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas             
    Monorail Project, First Tier, Series 2000:             
6,425     0.000%, 1/01/29 – AMBAC Insured    No Opt. Call    AA    1,070,084 
12,000     5.375%, 1/01/40 – AMBAC Insured    1/10 at 100.00    AA    7,961,160 
43,835    Total Nevada            36,446,049 
    New Hampshire – 0.0% (0.0% of Total Investments)             
405    New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Revenue Bonds,    1/09 at 100.00    Aa2    410,913 
     Series 1996B, 6.400%, 1/01/27 (Alternative Minimum Tax)             
    New Jersey – 9.1% (5.6% of Total Investments)             
10,150    Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Bonds, Port District    1/10 at 100.00    AAA    10,421,107 
     Project, Series 1999B, 5.625%, 1/01/26 – FSA Insured             
8,000    Essex County Improvement Authority, New Jersey, General Obligation Guaranteed Lease Revenue    10/10 at 100.00    A1 (4)    8,601,600 
     Bonds, County Correctional Facility Project, Series 2000, 6.000%, 10/01/25 (Pre-refunded             
     10/01/10) – FGIC Insured             
500    Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center    No Opt. Call    Baa3    466,970 
     Hotel/Conference Center Project, Series 2005A, 5.000%, 1/01/15             
    New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P:             
3,655     5.250%, 9/01/24    9/15 at 100.00    AA–    3,801,566 
2,000     5.250%, 9/01/26    9/15 at 100.00    AA–    2,069,200 
800    New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters    7/18 at 100.00    Baa2    764,216 
     University Hospital, Series 2007, 5.750%, 7/01/37             
3,890    New Jersey Housing and Mortgage Finance Agency, Home Buyer Program Revenue Bonds, Series    10/08 at 100.75    Aaa    3,889,728 
     1997U, 5.850%, 4/01/29 – MBIA Insured (Alternative Minimum Tax)             
    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C:             
5,410     5.500%, 6/15/20 (Pre-refunded 6/15/13)    6/13 at 100.00    AAA    6,002,828 
9,250     5.500%, 6/15/23 (Pre-refunded 6/15/13)    6/13 at 100.00    AAA    10,263,615 
3,850    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006A,    No Opt. Call    AA–    4,148,029 
     5.250%, 12/15/20             
    New Jersey Turnpike Authority, Revenue Bonds, Series 2000A:             
3,915     6.000%, 1/01/14 – MBIA Insured (ETM)    No Opt. Call    AAA    4,455,035 
7,585     6.000%, 1/01/14 – MBIA Insured (ETM)    No Opt. Call    AA (4)    8,631,275 
2,500    New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured    7/13 at 100.00    A    2,555,050 
9,130    New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 –    1/15 at 100.00    AAA    9,310,226 
     FSA Insured (UB)             
5,000    Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,    6/17 at 100.00    BBB    4,473,650 
     Series 2007-1A, 4.500%, 6/01/23             
75,635    Total New Jersey            79,854,095 
    New Mexico – 0.8% (0.5% of Total Investments)             
600    New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Series 2000D-2,    3/10 at 102.50    AAA    608,340 
     6.850%, 9/01/31 (Alternative Minimum Tax)             
5,585    Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series    No Opt. Call    AAA    6,339,254 
     1997, 6.000%, 2/01/27 – FSA Insured             
6,185    Total New Mexico            6,947,594 
    New York – 15.4% (9.4% of Total Investments)             
    Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester, Series 2004A:             
1,000     5.250%, 7/01/22    7/14 at 100.00    A+    1,042,230 
500     5.250%, 7/01/24    7/14 at 100.00    A+    517,695 
1,025    Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester, Series    7/14 at 100.00    AAA    1,136,541 
     2004A, 5.250%, 7/01/20 (Pre-refunded 7/01/14)             
1,995    Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds,    7/14 at 100.00    AA–    2,098,860 
     Upstate Community Colleges, Series 2004B, 5.250%, 7/01/20             
2,335    Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series    3/15 at 100.00    AAA    2,395,710 
     2005F, 5.000%, 3/15/24 – AMBAC Insured             
6,915    Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A,    2/17 at 100.00    AA    6,033,476 
     4.500%, 2/15/47 – MBIA Insured (UB)             
6,000    Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series    No Opt. Call    AA–    6,157,920 
     2005, 5.250%, 10/01/35             
5,100    Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006F,    11/16 at 100.00    AA    4,481,064 
     4.250%, 5/01/33 – MBIA Insured (UB)             
    Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:             
7,000     5.000%, 12/01/23 – FGIC Insured    6/16 at 100.00    A–    7,031,080 
5,000     5.000%, 12/01/24 – FGIC Insured    6/16 at 100.00    A–    5,009,300 
3,900    Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B,    11/15 at 100.00    AA    3,817,632 
     5.000%, 11/15/30 – AMBAC Insured             
5,780    Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005F,    11/15 at 100.00    A    5,695,554 
     5.000%, 11/15/30             
3,000    Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds,    11/12 at 100.00    A    3,029,520 
     Series 2002A, 5.125%, 11/15/21 – FGIC Insured             
    New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, United             
    Jewish Appeal – Federation of Jewish Philanthropies of New York Inc., Series 2004A:             
2,185     5.250%, 7/01/20    7/14 at 100.00    Aa1    2,310,812 
2,050     5.250%, 7/01/21    7/14 at 100.00    Aa1    2,156,826 
2,420     5.250%, 7/01/22    4/14 at 100.00    Aa1    2,533,740 
1,370     5.250%, 7/01/24    4/14 at 100.00    Aa1    1,424,964 
12,500    New York City, New York, General Obligation Bonds, Fiscal Series 2003D,    10/13 at 100.00    AA    12,918,188 
     5.250%, 10/15/22 (UB)             
525    New York City, New York, General Obligation Bonds, Fiscal Series 2003J, 5.500%, 6/01/23    6/13 at 100.00    AAA    546,620 
4,475    New York City, New York, General Obligation Bonds, Fiscal Series 2003J, 5.500%, 6/01/23    6/13 at 100.00    AAA    4,998,575 
     (Pre-refunded 6/01/13)             
6,000    New York City, New York, General Obligation Bonds, Fiscal Series 2004, 5.250%, 8/15/20 (UB)    8/14 at 100.00    AA    6,278,790 
7,960    New York City, New York, General Obligation Bonds, Fiscal Series 2005M,    4/15 at 100.00    AA    8,122,185 
     5.000%, 4/01/24 (UB)             
11,515    New York Convention Center Development Corporation, Hotel Fee Revenue Bonds, Series 2005,    11/15 at 100.00    AA    11,152,738 
     5.000%, 11/15/44 – AMBAC Insured (UB)             
650    New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B,    6/10 at 101.00    BBB    658,957 
     6.500%, 6/01/35             
1,350    New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B,    6/10 at 101.00    AAA    1,466,789 
     6.500%, 6/01/35 (Pre-refunded 6/01/10)             
7,400    New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and    6/10 at 100.00    AA–    7,592,548 
     State Contingency Contract-Backed Bonds, Series 2003A-1, 5.500%, 6/01/16             
6,460    New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series    3/14 at 100.00    AAA    6,576,797 
     2004A-1, 5.000%, 3/15/26 – FGIC Insured             
4,750    Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred    3/14 at 101.00    AA–    4,821,915 
     Thirty-Fifth Series 2004, 5.000%, 9/15/28 – XLCA Insured             
2,720    Rensselaer County Industrial Development Agency, New York, Civic Facility Revenue Bonds,    3/16 at 100.00    A    2,781,880 
     Rensselaer Polytechnic Institute, Series 2006, 5.000%, 3/01/26             
9,515    Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Refunding Bonds,    11/12 at 100.00    Aa2    9,770,478 
     Series 2002B, 5.000%, 11/15/22             
133,395    Total New York            134,559,384 
    North Carolina – 1.5% (0.9% of Total Investments)             
    Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects,             
    Series 2003G:             
5,785     5.250%, 6/01/22 (UB)    6/13 at 100.00    AA+    5,994,099 
3,475     5.250%, 6/01/23 (UB)    6/13 at 100.00    AA+    3,588,389 
2,140    Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue    1/18 at 100.00    AA–    1,642,835 
     Bonds, Series 2008, Trust 1149, 12.043%, 1/15/47 (IF)             
1,050    Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds,    1/17 at 100.00    AA–    1,029,158 
     Carolinas Health Care, Series 2007A, 5.000%, 1/15/31             
1,000    Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina, National    8/15 at 100.00    N/R    780,150 
     Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%, 8/01/35             
     (Alternative Minimum Tax)             
13,540    Total North Carolina            13,034,631 
    North Dakota – 1.2% (0.7% of Total Investments)             
9,650    Dickinson, North Dakota, Health Care Facilities Revenue Bonds, BHS Long Term Care Inc., Series    2/10 at 102.00    Aa2 (4)    10,615,000 
     1990, 7.625%, 2/15/20 (Pre-refunded 2/15/10) – RAAI Insured             
    Ohio – 3.1% (1.9% of Total Investments)             
    Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue             
    Bonds, Senior Lien, Series 2007A-2:             
275     5.125%, 6/01/24    6/17 at 100.00    BBB    245,174 
2,850     5.875%, 6/01/30    6/17 at 100.00    BBB    2,465,136 
2,745     5.750%, 6/01/34    6/17 at 100.00    BBB    2,272,476 
6,285     5.875%, 6/01/47    6/17 at 100.00    BBB    5,106,185 
4,265    Franklin County, Ohio, Hospital Revenue and Improvement Bonds, Children’s Hospital Project,    5/11 at 101.00    Aa2 (4)    4,611,190 
     Series 2001, 5.500%, 5/01/28 (Pre-refunded 5/01/11) – AMBAC Insured             
2,720    Ohio State University, General Receipts Bonds, Series 2003B, 5.250%, 6/01/20    6/13 at 100.00    AA    2,877,733 
665    Richland County, Ohio, Hospital Facilities Revenue Refunding Bonds, MedCentral Health System    11/10 at 101.00    A–    688,621 
     Obligated Group, Series 2000A, 6.125%, 11/15/16             
1,335    Richland County, Ohio, Hospital Facilities Revenue Refunding Bonds, MedCentral Health System    11/10 at 101.00    A– (4)    1,453,308 
     Obligated Group, Series 2000A, 6.125%, 11/15/16 (Pre-refunded 11/15/10)             
7,000    Steubenville, Ohio, Hospital Facilities Revenue Refunding and Improvement Bonds, Trinity    10/10 at 100.00    A3 (4)    7,612,220 
     Health System, Series 2000, 6.500%, 10/01/30 (Pre-refunded 10/01/10)             
28,140    Total Ohio            27,332,043 
    Oklahoma – 2.7% (1.6% of Total Investments)             
    Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005:             
500     5.375%, 9/01/29    9/16 at 100.00    BBB    462,305 
1,050     5.375%, 9/01/36    9/16 at 100.00    BBB    935,372 
3,500    Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%,    7/15 at 100.00    AA    3,550,925 
     7/01/24 – AMBAC Insured             
    Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:             
8,150     5.000%, 2/15/37    2/17 at 100.00    AA–    7,803,707 
1,335     5.000%, 2/15/42    2/17 at 100.00    AA–    1,262,496 
10,035    Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health    12/16 at 100.00    AA    9,250,565 
     System, Series 2006, 5.000%, 12/15/36 (UB)             
65    Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health    12/16 at 100.00    AA    44,675 
    System, Series 2006, Trust 3500, 12.105%, 12/15/36 (IF)             
24,635    Total Oklahoma            23,310,045 
    Oregon – 0.6% (0.3% of Total Investments)             
2,060    Oregon Department of Administrative Services, Certificates of Participation, Series 2005A,    5/15 at 100.00    AAA    2,107,195 
     5.000%, 5/01/24 – FSA Insured             
2,500    Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2004A,    11/14 at 100.00    AAA    2,737,250 
     5.000%, 11/15/21 (Pre-refunded 11/15/14)             
4,560    Total Oregon            4,844,445 
    Pennsylvania – 4.7% (2.8% of Total Investments)             
980    Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds,    3/17 at 100.00    BBB    794,878 
     School Lane Charter School, Series 2007A, 5.000%, 3/15/37             
    Lancaster Higher Education Authority, Pennsylvania, Revenue Bonds, Franklin and Marshall             
    College, Series 2003C:             
1,340     5.250%, 4/15/15    4/13 at 100.00    A+    1,421,552 
1,960     5.250%, 4/15/17    4/13 at 100.00    A+    2,053,394 
1,000    Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29    9/15 at 100.00    AA    1,013,650 
2,625    Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 –    6/16 at 100.00    AA    2,629,883 
     AMBAC Insured             
    Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Series 2008, Trust 2982:             
4,505     5.000%, 9/01/21 – FSA Insured (UB)    9/14 at 100.00    AAA    4,619,450 
4,735     5.000%, 9/01/22 – FSA Insured (UB)    9/14 at 100.00    AAA    4,834,317 
8,405    Philadelphia Redevelopment Authority, Pennsylvania, Multifamily Housing Mortgage Revenue    10/08 at 103.00    N/R    8,048,460 
     Bonds, Cricket Court Apartments, Series 1998A, 6.200%, 4/01/25 (Alternative Minimum Tax)             
14,000    State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School    6/13 at 100.00    AAA    15,289,540 
     District, Series 2003, 5.250%, 6/01/24 (Pre-refunded 6/01/13) – FSA Insured             
39,550    Total Pennsylvania            40,705,124 
    Puerto Rico – 0.3% (0.2% of Total Investments)             
2,500    Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A,    8/17 at 100.00    A+    2,473,925 
     5.250%, 8/01/57             
    South Carolina – 7.2% (4.4% of Total Investments)             
8,610    Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds,    12/14 at 100.00    A    8,673,886 
     GROWTH, Series 2004, 5.250%, 12/01/24             
    Greenville County School District, South Carolina, Installment Purchase Revenue Bonds,             
    Series 2003:             
5,090     5.250%, 12/01/18 (UB)    12/13 at 100.00    AA    5,318,465 
3,595     5.250%, 12/01/20 (UB)    12/13 at 100.00    AA    3,721,544 
1,865     5.250%, 12/01/21 (UB)    12/13 at 100.00    AA    1,920,745 
    Lexington County Health Service District, South Carolina, Hospital Revenue Bonds, Series 2004:             
1,805     6.000%, 5/01/19 (Pre-refunded 5/01/14)    5/14 at 100.00    A+ (4)    2,027,575 
2,400     5.500%, 5/01/24 (Pre-refunded 5/01/14)    5/14 at 100.00    A+ (4)    2,634,144 
    South Carolina JOBS Economic Development Authority, Hospital Refunding and Improvement Revenue             
    Bonds, Palmetto Health Alliance, Series 2003C:             
13,345     6.375%, 8/01/34 (Pre-refunded 8/01/13)    8/13 at 100.00    BBB+ (4)    15,262,543 
1,655     6.375%, 8/01/34 (Pre-refunded 8/01/13)    8/13 at 100.00    BBB+ (4)    1,886,253 
4,150    Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement    No Opt. Call    BBB (4)    4,664,227 
     Asset-Backed Bonds, Series 2001B, 6.375%, 5/15/30 (ETM)             
    Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement             
    Asset-Backed Bonds, Series 2001B:             
7,975     6.000%, 5/15/22 (Pre-refunded 5/15/12)    5/12 at 100.00    BBB (4)    8,445,685 
7,500     6.375%, 5/15/28 (Pre-refunded 5/15/16)    5/16 at 100.00    BBB (4)    8,207,175 
57,990    Total South Carolina            62,762,242 
    Tennessee – 1.5% (0.9% of Total Investments)             
6,400    Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain    7/16 at 100.00    BBB+    5,824,192 
     States Health Alliance, Series 2006A, 5.500%, 7/01/36             
6,100    Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue    1/17 at 31.68    A–    788,364 
     Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/40             
410    Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds,    9/16 at 100.00    BBB+    363,916 
     Wellmont Health System, Series 2006C, 5.250%, 9/01/36             
    Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding             
    Bonds, Sumner Regional Health System Inc., Series 2007:             
1,300     5.500%, 11/01/37    11/17 at 100.00    N/R    1,184,196 
3,000     5.500%, 11/01/46    11/17 at 100.00    N/R    2,668,350 
2,105    Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2004, 5.000%,    7/13 at 100.00    AA    2,120,493 
     7/01/34 (Alternative Minimum Tax)             
19,315    Total Tennessee            12,949,511 
    Texas – 15.3% (9.4% of Total Investments)             
5,000    Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc.,    12/12 at 100.00    CCC+    2,260,600 
     Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax)             
3,203    Austin Housing Finance Corporation, Texas, GNMA Collateralized Multifamily Housing Revenue    12/10 at 105.00    Aaa    3,364,495 
     Bonds, Fairway Village Project, Series 2000A, 7.375%, 6/20/35 (Alternative Minimum Tax)             
8,840    Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F,    2/17 at 100.00    AAA    7,851,410 
     4.250%, 8/15/36 (UB)             
2,150    Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC    10/13 at 101.00    Caa1    1,734,212 
     Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax)             
175    Clear Creek Independent School District, Galveston and Harris Counties, Texas, Unlimited Tax    2/10 at 100.00    AAA    183,818 
     Schoolhouse and Refunding Bonds, Series 2000, 6.000%, 2/15/16             
655    Harlingen Housing Finance Corporation, Texas, GNMA/FNMA Single Family Mortgage Revenue Bonds,    9/10 at 105.00    AAA    677,100 
     Series 2000A, 6.700%, 9/01/33 (Alternative Minimum Tax)             
2,395    Harris County Hospital District, Texas, Revenue Refunding Bonds, Series 1990, 7.400%, 2/15/10 –    No Opt. Call    AA    2,500,284 
     AMBAC Insured             
580    Harris County Hospital District, Texas, Revenue Refunding Bonds, Series 1990, 7.400%, 2/15/10 –    No Opt. Call    AA (4)    603,235 
     AMBAC Insured (ETM)             
19,125    Harris County Hospital District, Texas, Revenue Refunding Bonds, Series 2000, 6.000%, 2/15/15    8/10 at 100.00    AA (4)    20,327,389 
     (Pre-refunded 8/15/10) – MBIA Insured             
4,000    Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series    11/11 at 100.00    AA    3,652,040 
     2001B, 5.250%, 11/15/40 – MBIA Insured             
5,000    Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%,    5/14 at 100.00    AA    5,102,050 
     5/15/25 – MBIA Insured             
6,000    Houston, Texas, General Obligation Public Improvement Bonds, Series 2001B, 5.500%, 3/01/15 –    3/11 at 100.00    AAA    6,358,800 
     FSA Insured             
4,250    Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000B, 5.500%, 7/01/30    7/10 at 100.00    AAA    4,507,210 
     (Pre-refunded 7/01/10) – FSA Insured             
4,660    Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Series    8/16 at 100.00    AAA    3,629,954 
     2007, Residuals 07-1001, 9.205%, 8/01/43 (IF)             
    Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson             
    Memorial Hospital Project, Series 2005:             
2,000     5.250%, 8/15/21    No Opt. Call    BBB–    1,900,280 
2,800     5.125%, 8/15/26    No Opt. Call    BBB–    2,535,008 
1,505    Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services    5/13 at 100.00    AA    1,549,774 
     Corporation, Series 2003C, 5.250%, 5/15/23 – AMBAC Insured             
245    Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2003,    5/13 at 100.00    AA (4)    268,069 
     5.250%, 5/15/24 (Pre-refunded 5/15/13) – AMBAC Insured             
3,155    Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2003,    5/13 at 100.00    AA    3,229,774 
     5.250%, 5/15/24 – AMBAC Insured             
5,650    North Texas Thruway Authority, Second Tier System Revenue Refunding Bonds, Series 2008,    1/18 at 100.00    A3    5,455,584 
     5.750%, 1/01/38             
5,000    Pearland Independent School District, Brazoria County, Texas, General Obligation Bonds,    2/17 at 100.00    AAA    3,422,600 
     Series 2007, Rites-PA-1449, 10.138%, 2/15/32 (IF)             
2,000    Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series    11/15 at 100.00    Caa1    1,385,640 
     2001C, 5.200%, 5/01/28             
12,130    Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds,    2/17 at 100.00    AA–    11,555,281 
     Series 2007A, 5.000%, 2/15/36 (UB)             
10,810    Tarrant County Health Facilities Development Corporation, Texas, GNMA Collateralized Mortgage    12/10 at 105.00    Aaa    11,606,697 
     Loan Revenue Bonds, Eastview Nursing Home, Ebony Lake Nursing Center, Ft. Stockton Nursing             
     Center, Lynnhaven Nursing Center and Mission Oaks Manor, Series 2000A-1 7.625%, 12/20/32             
4,000    Tarrant County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Adventist    11/10 at 101.00    A+ (4)    4,416,640 
     Health System – Sunbelt Obligated Group, Series 2000, 6.700%, 11/15/30 (Pre-refunded 11/15/10)             
5,000    Tarrant Regional Water District, Texas, Water Revenue Refunding and Improvement Bonds, Series    3/13 at 100.00    AAA    5,354,300 
     1999, 5.250%, 3/01/17 – FSA Insured             
4,000    Texas A&M University, Financing System Revenue Bonds, Series 1999, 5.550%, 5/15/29    5/09 at 100.00    AA+ (4)    4,124,080 
     (Pre-refunded 5/15/09) – MBIA Insured             
25,000    Texas Turnpike Authority, First Tier Revenue Bonds, Central Texas Turnpike System, Series    No Opt. Call    AA    9,777,000 
     2002A, 0.000%, 8/15/24 – AMBAC Insured             
2,500    Texas, General Obligation Bonds, Transportation Commission Mobility Fund, Series 2007,    4/17 at 100.00    AA    1,944,200 
     Residuals 1873, 10.670%, 4/01/33 (IF)             
2,500    Tomball Hospital Authority, Texas, Hospital Revenue Bonds, Tomball Regional Hospital, Series    7/15 at 100.00    Baa3    2,391,675 
     2005, 5.000%, 7/01/20             
154,328    Total Texas            133,669,199 
    Utah – 0.1% (0.0% of Total Investments)             
470    Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1997F, 5.750%, 7/01/28    1/09 at 101.00    AAA    480,984 
     (Alternative Minimum Tax)             
    Virginia – 0.6% (0.4% of Total Investments)             
4,765    Virginia Beach Development Authority, Virginia, Multifamily Residential Rental Housing Revenue    10/14 at 100.00    N/R    5,064,194 
     Bonds, Mayfair Apartments I and II, Series 1999, 7.500%, 10/01/39 (Alternative Minimum Tax)             
    Washington – 2.9% (1.8% of Total Investments)             
2,500    Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station –    7/12 at 100.00    Aaa    2,706,975 
     Nuclear Project 2, Series 2002C, 5.750%, 7/01/17 – MBIA Insured             
3,125    Skagit County Public Hospital District 1, Washington, General Obligation Bonds, Series 2004A,    6/14 at 100.00    A2    3,223,469 
     5.375%, 12/01/20 – MBIA Insured             
5,000    Snohomish County, Washington, Limited Tax General Obligation Bonds, Series 2001, 5.250%,    12/11 at 100.00    AA    5,122,950 
     12/01/26 – MBIA Insured             
4,750    Washington State Healthcare Facilities Authority, Revenue Bonds, Swedish Health Services,    11/08 at 101.00    Aa3    4,803,438 
     Series 1998, 5.125%, 11/15/22 – AMBAC Insured             
6,480    Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%,    No Opt. Call    AA+    2,870,122 
     6/01/24 – MBIA Insured             
11,000    Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured    No Opt. Call    AA+    6,329,510 
32,855    Total Washington            25,056,464 
    Wisconsin – 3.7% (2.3% of Total Investments)             
    Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Public Schools, Series 2003A:             
1,000     5.125%, 8/01/22 (Pre-refunded 8/01/13) – AMBAC Insured    8/13 at 100.00    AA (4)    1,090,760 
750     5.125%, 8/01/23 (Pre-refunded 8/01/13) – AMBAC Insured    8/13 at 100.00    AA (4)    818,070 
1,000    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian Healthcare    7/11 at 100.00    A–    1,019,450 
     Inc., Series 2001, 6.000%, 7/01/21             
9,000    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Healthcare Inc.,    4/13 at 100.00    BBB+    9,165,330 
     Series 2003, 6.400%, 4/15/33             
2,175    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Carroll College Inc.,    10/11 at 100.00    BBB    2,241,490 
     Series 2001, 6.125%, 10/01/16             
790    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior    5/16 at 100.00    BBB    672,883 
     Healthcare, Series 2006, 5.000%, 5/01/32             
6,025    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of    9/13 at 100.00    BBB+ (4)    6,794,814 
     Christian Charity Healthcare Ministry, Series 2003A, 6.000%, 9/01/22 (Pre-refunded 9/01/13)             
4,995    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of    9/17 at 100.00    BBB+    4,192,503 
     Christian Charity HealthCare Ministry, Series 2007, 5.000%, 9/01/33             
2,000    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan    8/16 at 100.00    A–    1,657,675 
     Healthcare System, Series 2006, 5.250%, 8/15/34             
2,000    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan    8/13 at 100.00    A–    1,821,355 
     Services Inc., Series 2003A, 5.250%, 8/15/25             
    Wisconsin, General Obligation Bonds, Series 2004-3:             
175     5.250%, 5/01/19 – FGIC Insured    5/14 at 100.00    Aa3    185,232 
1,265     5.250%, 5/01/21 – FGIC Insured    5/14 at 100.00    AA–    1,322,603 
1,545    Wisconsin, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/19 (Pre-refunded 5/01/14) –    5/14 at 100.00    Aaa    1,703,656 
     FGIC Insured             
32,720    Total Wisconsin            32,685,821 
    Wyoming – 0.4% (0.3% of Total Investments)             
3,900    Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005,    12/15 at 100.00    BBB    3,467,642 
     5.600%, 12/01/35 (Alternative Minimum Tax)             
$    1,585,666    Total Long-Term Investments (cost $1,415,697,980) – 160.8%            1,404,419,458 
    Short-Term Investments – 2.8% (1.7% of Total Investments)             
$          5,000    Chaffey Community College District, Bernardino County, California, General Obligation Bonds,        A-1    5,000,000 
     Tender Option Bond Trust 1132, Variable Rate Demand Obligations, 3.500%, 2/01/13 –             
     MBIA Insured (6)             
12,251    King County, Washington, Sewer Revenue Bonds, Series 2001, Trust 554, Variable Rate Demand        A-1    12,250,500 
     Obligations, 4.250%, 1/01/19 – FGIC Insured (6)             
2,374    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland        A-1+    2,374,000 
     Health, Series 2006A, Variable Rate Demand Obligations, 4.000%, 1/01/14 – MBIA Insured (6)             
3,415    North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Variable Rate        A-1+    3,415,000 
     Demand Series 2003G, Variable Rate Demand Obligations, 4.000%, 1/01/18 (6)             
1,665    Ohio Air Quality Development Authority, Pollution Control Revenue Bonds, Dayton Power and        VMIG-1    1,665,000 
     Light Company Project, Trust 1219, Variable Rate Demand Obligations, 5.500%, 1/01/34 –             
     FGIC Insured (6)             
$         24,705    Total Short-Term Investments (cost $24,705,000)            24,704,500 
    Total Investments (cost $1,440,402,480) – 163.6%            1,429,123,958 
    Floating Rate Obligations – (17.9)%            (156,259,000)
    Other Assets Less Liabilities – 1.9%            16,038,486 
    Preferred Shares, at Liquidation Value – (47.6)% (7)            (415,450,000)
    Net Assets Applicable to Common Shares – 100%            $  873,453,444 

Forward Swaps outstanding at July 31, 2008:                         
        Fund            Fixed Rate            Unrealized 
    Notional    Pay/Receive    Floating Rate    Fixed Rate    Payment     Effective    Termination    Appreciation 
Counterparty    Amount     Floating Rate    Index     (Annualized)    Frequency    Date (8)    Date     (Depreciation) 
Royal Bank of Canada    $23,000,000    Receive    3-Month USD-LIBOR    5.320%    Semi-Annually    1/15/09    1/15/38    $(918,638) 
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rate).                     

(1)    All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares 
    unless otherwise noted. 
(2)    Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There 
    may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be 
    subject to periodic principal paydowns. 
(3)    Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, 
    Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be 
    below investment grade. 
    The Portfolio of Investments may reflect the ratings on certain bonds insured by ACA, AMBAC, CIFG, FGIC, 
    MBIA, RAAI and XLCA as of July 31, 2008. Subsequent to July 31, 2008, and during the period this Portfolio 
    of Investments was prepared, there may have been reductions to the ratings of certain bonds resulting from 
    changes to the ratings of the underlying insurers both during the period and after period end. Such reductions 
    would likely reduce the effective rating of many of the bonds insured by that insurer or insurers presented 
    at period end. 
(4)    Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities 
    which ensure the timely payment of principal and interest. Such investments are normally considered to be 
    equivalent to AAA rated securities. 
(5)    Portion of investment, with an aggregate market value of $529,853, has been pledged to collateralize 
    the net payment obligations under forward swap contracts. 
(6)    Investment has a maturity of more than one year, but has variable rate and demand features which qualify 
    it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate 
    changes periodically based on market conditions or a specified market index. 
(7)    Preferred Shares, at Liquidation Value as a percentage of total investments is (29.1)%. 
(8)    Effective date represents the date on which both the Fund and counterparty commence interest payment 
    accruals on each forward swap contract. 
N/R    Not rated. 
(ETM)    Escrowed to maturity. 
(IF)    Inverse floating rate investment. 
(UB)    Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the 
    provisions of SFAS No. 140. 

Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate transactions subject to SFAS No. 140. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At July 31, 2008, the cost of investments was $1,283,009,275.

Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2008, were as follows:

Gross unrealized:     
 Appreciation    $ 42,335,886 
 Depreciation    (52,477,045)
Net unrealized appreciation (depreciation) of investments    $(10,141,159)

Item 2. Controls and Procedures.

  1. The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
  2. There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)         Nuveen Premium Income Municipal Fund, Inc.         

By (Signature and Title)          /s/ Kevin J. McCarthy                    
                                                  Kevin J. McCarthy
                                                  Vice President and Secretary

Date         September 29, 2008        

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)         /s/ Gifford R. Zimmerman                    
                                                 Gifford R. Zimmerman
                                                 Chief Administrative Officer (principal executive officer) 

Date         September 29, 2008        

By (Signature and Title)         /s/ Stephen D. Foy                              
                                                 Stephen D. Foy
                                                 Vice President and Controller (principal financial officer) 

Date        September 29, 2008